Homework Questions? Ask a Tutor for Answers ASAP
Please post the table so we may see if we can help.
the following table shows nominal GDP and an appropriate price index for a group of selected years. compute real GDP. indicate in each calculation whether you are inflating or deflating the nominal GDP data.
year nominal GDP, price index Real GDP,
billions (1996 = 100) billions
1960 $527.4 22.19 $
1968 911.5 26.29
1978 2295.9 48.22
1988 4742.5 80.22
1998 8790.2 103.22